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Multifamily

Banner Gardens Apartments

4676 - 4686 N Banner Dr, Long Beach, CA 90807

Listing Price: $4,100,000

Cap Rate
4.35%
Number of Units
16
Price/Unit
$256,250
Price/Gross SF
$398.06
Gross SF
10,300

Investment Overview

Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire Banner Gardens Apartments, a 16-unit multifamily investment property located in Long Beach, CA. Banner Gardens Apartments offers an attractive mix of studio, one, and two-bedroom floor plans with amenities including a private patio and deck (select units), hardwood and tile flooring, garage and surface parking, on-site laundry, and security doors. Additionally, 9 of 16 units have been renovated with quartz countertops, recessed lighting, shaker-style cabinetry, and more (see OM for more details). Long Beach’s strong rental metrics, including a 2021 vacancy rate of just 1.8 percent and year-over-year rent growth of 12.1 percent, are evidence of the substantial demand for rental units in the area. With current rents below market rates, Banner Gardens Apartments represents an attractive value-add opportunity for a new owner. Banner Gardens Apartments is situated in the desirable Bixby Knolls neighborhood of Long Beach, which primarily features single-family homes. Residents enjoy convenient access to everyday needs as well as a plethora of retail, dining, and entertainment options at the recently constructed Long Beach Exchange just 1.90 miles away. Banner Gardens Apartments is in close proximity to all levels of schooling including Barton Elementary School, Hughes Middle School, and Jordan High School. Additionally, the property benefits from its location within 1.90 miles of Interstates 710 and 405, connecting residents to employment hubs throughout Los Angeles and Orange Counties. The neighborhoods surrounding the property provide tenants convenient access to a wide variety of activities, employment, transportation, and retail amenities. This overall demand for a well-located and maintained apartment building will be a key driver in the continued growth and success at Banner Gardens Apartments.

Investment Highlights

  • Attractive Assumable Financing: 4.05% Through November 2024
  • Mix of Studio, One, & Two-Bedroom Floor Plans
  • 9 of 16 Units Have Been Renovated with Quartz Countertops, Recessed Lighting, Shaker-Style Cabinets, & More
  • Private Patio & Deck (Select Units), Garage & Surface Parking, & On-Site Laundry
  • Centrally Located to Los Cerritos, California Heights, & the Long Beach Airport
  • Desirable Bixby Knolls Location
  • Surrounded by Single-Family Home Neighborhoods
  • Easy Access to Retailers, Grocers, & Restaurants Along Carson Street, Cherry Avenue, & Atlantic Avenue

Exclusively Listed By

Financing By

Multifamily

Banner Gardens Apartments

Listing Price: $4,100,000

Cap Rate
4.35%
Number of Units
16
Price/Unit
$256,250
Price/Gross SF
$398.06
Gross SF
10,300

Investment Highlights

  • Attractive Assumable Financing: 4.05% Through November 2024
  • Mix of Studio, One, & Two-Bedroom Floor Plans
  • 9 of 16 Units Have Been Renovated with Quartz Countertops, Recessed Lighting, Shaker-Style Cabinets, & More
  • Private Patio & Deck (Select Units), Garage & Surface Parking, & On-Site Laundry
  • Centrally Located to Los Cerritos, California Heights, & the Long Beach Airport
  • Desirable Bixby Knolls Location
  • Surrounded by Single-Family Home Neighborhoods
  • Easy Access to Retailers, Grocers, & Restaurants Along Carson Street, Cherry Avenue, & Atlantic Avenue

Investment Overview

Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire Banner Gardens Apartments, a 16-unit multifamily investment property located in Long Beach, CA. Banner Gardens Apartments offers an attractive mix of studio, one, and two-bedroom floor plans with amenities including a private patio and deck (select units), hardwood and tile flooring, garage and surface parking, on-site laundry, and security doors. Additionally, 9 of 16 units have been renovated with quartz countertops, recessed lighting, shaker-style cabinetry, and more (see OM for more details). Long Beach’s strong rental metrics, including a 2021 vacancy rate of just 1.8 percent and year-over-year rent growth of 12.1 percent, are evidence of the substantial demand for rental units in the area. With current rents below market rates, Banner Gardens Apartments represents an attractive value-add opportunity for a new owner. Banner Gardens Apartments is situated in the desirable Bixby Knolls neighborhood of Long Beach, which primarily features single-family homes. Residents enjoy convenient access to everyday needs as well as a plethora of retail, dining, and entertainment options at the recently constructed Long Beach Exchange just 1.90 miles away. Banner Gardens Apartments is in close proximity to all levels of schooling including Barton Elementary School, Hughes Middle School, and Jordan High School. Additionally, the property benefits from its location within 1.90 miles of Interstates 710 and 405, connecting residents to employment hubs throughout Los Angeles and Orange Counties. The neighborhoods surrounding the property provide tenants convenient access to a wide variety of activities, employment, transportation, and retail amenities. This overall demand for a well-located and maintained apartment building will be a key driver in the continued growth and success at Banner Gardens Apartments.

Exclusively Listed By

Financing By

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